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Thursday, 7 April 2016

A GOOD SLIDE DOWN OF NIFTY

JINDALPOLY BUY ABOVE 482 TGT 487/500 SL 462After going
through a choppy session in the previous day and just managing to eke out
marginal gains, the Indian equity market lost heavy ground on Thursday. The Sensex
dropped 215.21 points to 24685.42 and the Nifty fell 67.90 points to 7546.45.
The market breadth also turned negative in last hour of trade as about 1448
shares declined against 1107 advancing shares on Bombay Stock Exchange. The broader
market traded in-line with the benchmark indices with the BSE midcap and
smallcap indices losing 0.10 and 0.15 per cent, respectively. Torrent Pharma has teamed with
private-equity firm Apax Partners to emerge as the frontrunner to buy
Hyderabad-based Gland Pharma.Wall Street witnessed firm buying in overnight
trade after the release of the minutes of the Fed's March 16-17 policy review.
The S&P500 index climbed 1.05 % to 2,066.66, while the Dow Jones industrial
average advanced 0.64 per cent to 17,716.05.It is learnt that as part of the deal, Gland's promoters may
sell their 60 percent stake in the firm for a valuation of a little above USD 1
billion while PE firm KKR may also sell its remnant 40 stake. Equity benchmarks
have not still shown any sign of complete recovery in afternoon trade. The
Auto, IT and FMCG stocks led the decline followed by realty, capital goods,
banking stocks. Even the mid-cap and small-cap stocks were not spared. The
Nifty has now declined by 2.5% post the Reserve Bank's interest rate reduction
announcement on April 5 while the Bank Nifty has fallen almost double i.e. by
4.3% and the Nifty PSU Bank index has plunged 7% since then.